Anthropic (ANT.US) may set a new retail single-day buying record! First-day net buying is expected to reach US$250 million, twice the SpaceX record.

Vanda Research said in a report on Wednesday that Anthropic is expected to see record retail buying on its first day of trading, potentially surpassing SpaceX to become one of the largest single-day retail buying events in history. The research firm estimates, based on its analysis of first-day retail activity and pre-IPO perpetual contract volume on Hyperliquid, that Anthropic's market debut will attract approximately US$250 million in net retail buying. That would be twice SpaceX's previous record of US$118 million in retail buying. "Judging from pre-IPO perpetual contract trading, Anthropic is on track to become a record-breaking retail IPO," said Viraj Patel, global macro strategist at Vanda Research, in the report. Pre-IPO perpetual contracts are derivative contracts traded on exchanges such as Hyperliquid and Coinbase that allow traders to bet on the valuations of private companies. These contracts are not directly linked to the underlying shares but are priced with reference to the company's latest disclosed pre-listing valuation. The data firm added that since 2024, only six stocks have seen single-day retail buying exceed US$250 million. "Anthropic could attract a scale of retail buying next week that is rare in our data," Vanda said. Anthropic is targeting a valuation of up to US$1.4 trillion in its IPO, with shares expected to begin trading on the Nasdaq on November 19. Large investors are equally enthusiastic Beyond retail investors, subscription intentions from large institutions are equally strong, with earlier and more definitive signals. Judging from institutional investor behavior, oversubscription is almost a certainty. According to people familiar with the matter, Anthropic has so far received share subscription intentions several times the number of shares available for issuance, demonstrating strong market demand for the developer of the Claude chatbot Siasun Robot&Automation. As investor subscription enthusiasm continues to heat up, Anthropic's listing is expected to become the largest IPO in global history. The people said the subscription demand is mainly driven by subscription intentions from large cornerstone investors. The people requested anonymity because the relevant information has not yet been made public. Meanwhile, the specific offering terms of the IPO may still change. According to documents filed by Anthropic, the company and its co-founders plan to raise up to US$90.4 billion in total through the IPO and a private placement. If completed as planned, the combined size of the two financings will exceed SpaceX's previous IPO, setting a new global record for corporate listing fundraising.